DIAL 2-1-1 FOR INFO
Bank On
Yakima County
Earned Income
Tax Credit
Financial
Education
Credit Counseling
and
Budget Coaching
Individual
Development
Accounts
Micro
Enterprise
Having a safe place to keep your money is very important, especially in today’s economy. Bank On Yakima County now offers the opportunity to open a free or low-cost checking and/or savings account at partnering financial institutions for those who may not otherwise qualify.
To participate in the program, go to a branch or a participating financial institution and inform the teller you are interested in the Bank On program. You will be informed of the requirements of the program, and your situation will be discussed. If you are approved, your account will be opened.
Our participating financial institutions are:
Banner Bank
HomeStreet Bank
Key Bank
U.S. Bank
Yakima Federal Savings and Loan Association
ABOUT EARNED INCOME TAX CREDIT
The Earned Income Tax Credit (or EITC) is a credit for people who do not earn high incomes. EITC can reduce your taxes and result in a refund. Meaning, workers keep more of what they earn.
The YCABC promotes the EITC because:
- - It reduces the number of families living in poverty.
- - The EITC is responsible for lifting more children out of poverty than any other federal program.
- - Promotes work. EITC makes work more attractive than Welfare programs and helps many families make the transition from public assistance into the labor force.
- - Helps low-income families build assets. The potential for significant cash payments to be received in tax credits provides a strategic link to introduce various asset building opportunities.
For the last several years, AARP has partnered with YCABC to provide free tax preparation sites in several locations throughout Yakima County, Ellensburg, and Goldendale. AARP Tax-Aide volunteers are IRS certified as tax preparers and can do manual reports as well as e-Filing, depending on what the tax payer needs.
During tax season, sign up for your free tax preparation appointment by calling 2-1-1.
For information on becoming a tax preparer contact Paula Slaye at PSlaye@compwrx.com.
Who are we missing?
We estimate that four out of five workers claim the EITC they earned. Help IRS reach the potentially qualifying workers who miss out on thousands of dollars every year on EITC. Help us educate them about the credit and motivate them to joint the four out of file who file and claim it.
This includes workers who are:
· living in rural areas
· self-employed
· receiving certain disability pensions or have children with disabilities
· without a qualifying child
· not proficient in English
· grandparents raising their grandchildren
· recently divorced, unemployed, or experienced other changes to their marital, financial or parental status
EITC Basic Qualifications
2016 Tax Year EITC Income Limits, Maximum Credit Amounts
The amount of EITC depends on a recipient’s income, marital status, and number of children.
Earned Income and adjusted gross income (AGI) must each be less than:
$47,955 ($53,505 married filing jointly) with three or more qualifying children
$44,648 ($50,198 married filing jointly) with two qualifying children
$39,296 ($44,846 married filing jointly) with one qualifying child
$14,880 ($20,430 married filing jointly) with no qualifying children
Tax Year 2016 maximum credit:
$6,269 with three or more qualifying children
$5,572 with two qualifying children
$3,373 with one qualifying child
$506 with no qualifying children
Investment income must be $3,400 or less for the year.
To qualify, you must meet certain requirements and file a tax return, even if you do not owe any tax or are not required to file. Visit IRS website for EITC homepage: http://www.irs.gov/Individuals/EITC-Home-Page--It’s-easier-than-ever-to-find-out-if-you-qualify-for-EITC
FREE TAX PREPARATION LOCATIONS
Please Call 2-1-1 to schedule your appointment.
Free Online Tax Tools:
My Free Taxes.com
Thank you to our volunteers for making this program possible!
The fundamentals of financial literacy are crucial to financial stability, regardless of income. Please contact Love INC Yakima at (509) 453-0214 or email Donna Hatten at theycabc@gmail.com for more information or to get connected.
Class topics include budgeting and credit basics, building new or repairing damaged credit, bankruptcy recovery and the homebuyer education. Entrepreneurship and business development programs are also offered. Live classes at varying times and webinars are available to all ages in English and Spanish languages.
Homebuyer Education Workshop
Rather you've purchased a home before and need a refresher course or you are a first time homebuyer, this course if for you! Learn the fundamentals of purchasing a home from a credit counselor, mortgage lender, Realtor, appraiser, and title/escrow officer. Washington State Housing Finance Commission certificates will be issued to attendees who complete the session. Classes are held at the Yakima Association of Realtors, 2707 River Road, Yakima.
With questions for class information, contact the Yakima Association of Realtors at 509-457-8191.
Financial Fitness Course
You will receive 8 hours of classroom instruction covering all aspects of budgeting, banking, credit and credit scores in addition to 4 hours of lab time. Trained volunteers will be available during lab time to assist you with such things as bill organizing, understanding your credit report, reconciling your checking account etc. Please register by calling Love INC Yakima -- 509-453-0214
Adentro Business Management & Finance Program
Ten week course covering business plan development, revenue projections, 5 C’s of credit, USDA, state & federal lending, accessing markets, etc. Training modules offered in English and Spanish. All program participants will have access to the ADENTRO Loan Fund to start up or expand current Orchard/Farm operation via the loan application process.
Note: To register contact Juan Aguilar: jajaguilar1@gmail.com
Post-Bankruptcy Education
If you have recently filed bankruptcy, you are required to complete a financial management course before the court can discharge your debts. This post-filing education session will help you meet the requirement as well as get back on track with your money. For more information call 800-355-2227.
Money Smart
Free 2 hour class covering banking, budgeting, and financial basics in English and Spanish. For information please call Catholic Charities Housing Services (509) 853-2800.
Spanish Financial Fitness Class
Come learn financial fundamentals at the Rural Community Development Resources. For more information call 509-453-5133.
Classes are scheduled on the Events Calendar
With questions, contact Donna Hatten: theycabc@gmail.com
Having a safe place to keep your money is very important, especially in today’s economy. Bank On Yakima County now offers the opportunity to open a free or low-cost checking and/or savings account at partnering financial institutions for those who may not otherwise qualify.
To participate in the program, go to a branch or a participating financial institution and inform the teller you are interested in the Bank On program. You will be informed of the requirements of the program, and your situation will be discussed. If you are approved, your account will be opened.
Our participating financial institutions are:
Banner Bank
HomeStreet Bank
Key Bank
U.S. Bank
Yakima Federal Savings and Loan Association
Individual Development Accounts (IDAs) are special savings accounts that match the deposits of low- and moderate-income people. For every dollar saved in an IDA, savers receive a corresponding match which serves as both a reward and an incentive to further the saving habit.
Savers agree to complete financial education classes and use their savings for an asset-building purpose – typically for post-secondary education or job training, home purchase, or to capitalize a small business. In addition to earning match dollars, savers learn about budgeting, saving and receive additional training before purchasing an asset. IDAs make it possible for individuals to build the financial assets they need to achieve the American dream.
Catholic Charities Housing Services will soon launch their IDA program for housing. For more information contact Bryan Ketcham bketcham@cchsyakima.org.
A microenterprise is a business that has five or fewer employees, requires $35,000 or less in initial capital and doesn’t have access to traditional commercial loans. Microenterprises start small, but can grow into large businesses.
Microenterprise is a part of every industry
• Professional Services
• Retail
• Technology
• Trades
• Crafts/Arts
• Manufacturing
• Childcare
• Environmental
• Agriculture/Farming
• And More
Microenterprise in WA*
• There are 486,504 microenterprises in
WA, accounting for 17.4 % of all
employment in the state.
• Microenterprises employ 80,273 rural
employees (20.6%) and 568,573 urban
employees (17%) .
• Microenterprises represent 86.51% of all
